2024

Million

April

Cases related to illegal usage of cryptocurrencies ATMs have surged at a great pace in the past few quarters. It is worth noting that such cases in 2024 surged in the developed nations.&nbsp; 
According to recent information, a cryptocurrency trader from East Ham London had pleaded not guilty to charges of operations of an illegal crypto ATM business and laundering money. Habibur Rahman is a trader facing allegations of laundering $395,000 in criminal cash and operating an illegal crypto ATM business.&nbsp; 
As reported by BBC, citing an enforcement spokesperson, Rahman was detained by officials in April 2023; when police searched for his mobile shop, where they found crypto, further seizing them.&nbsp; 
Per the Financial Conduct Authority (FCA) mandate, every ATM in the region must register with the agency; Rahman allegedly ignored this. The director of payments and digital assets at FCA, Matthew Long, stated, “If you are using one of these machines, you could be handing your money to criminals.” 
Matthew further added, “There are currently no crypto ATMs registered with the FCA – so if you’re using one of these machines, you could be handing your money to criminals.”&nbsp; 
After the recent Medway Magistrates’ Court hearing, Rahman was granted bail, and the case has been transferred to the Maidstone Crown Court, where the next hearing will occur on November 7, 2024.&nbsp; Other FCS’s Action on Crypto 
On October 07, 2024, <a href="https://news.todayq.com/uks-fca-drops-secret-inquiry-into-crypto-firm-bcb-group/" target="_blank" rel="noreferrer noopener">Todayq </a>reported that the FCA of the UK had conducted a secret inquiry over BCB group, a crypto-based company; yet the inquiry now remains closed; the same company that had received s166 notice in 2023 from the financial regulators.&nbsp; 
It was reported on June 22, 2024, that the UK Metropolitan Police and the Financial Conduct Authority detained and questioned two people for allegedly running an illegal cryptocurrency operation of more than 1 billion British pounds in the region. Are Crypto ATMs Illegal? 
In some nations, crypto <a href="https://news.todayq.com/germany-cracks-down-on-unlicensed-crypto-atms-28m-seized/" target="_blank" rel="noreferrer noopener">ATMs </a>serve huge masses, making their digital asset trade easier. On the other hand, dozens of nations have identified crypto ATMs as illegitimate and have restricted their installation.&nbsp; 
Of all the installations, roughly 37,500 ATMs solely support the buying and selling of Bitcoin, and there are only 20,651 ATMs that support the trade of Ether. The number of crypto ATMs could surge globally if regulatory stances and regulations favor the installation and registration rights.&nbsp; 
Crypto ATMs are machines similar to traditional ATMs (automatic teller machines) that offer services related to digital assets, such as sales and purchases using cash. However, the transaction charges on crypto ATMs are comparatively greater than those of traditional ATMs.&nbsp; 
Till October 10, 2024, 37,976 cryptocurrencies were installed globally, and the United States has roughly 30,000 crypto-related ATMs.&nbsp; 
A report by Sperichals Insights noted that the Global Crypto ATM Market Size was USD 245.3 Million in 2021 and is expected to reach USD 820.14 Million by 2030, growing at a CAGR of 54.2%.&nbsp; 
After the global pandemic, the usage and installation of crypto ATMs fell significantly, as due to tough COVID-19 guidelines, it was tough for companies to maintain cleanliness over every installed machine.&nbsp;

East Ham Trader Pleads Not Guilty to Crypto Money Laundering

Todayq News

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